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Your calendar year firm accrues salary at year end as follows:
Salary Expense $24,000
Accrued Salaries $24,000
On January 4, 2007, your firm pays salary of $28,500, which includes the $24,000 in accrued salaries, but the payment was mistakenly recorded as follows:
Salary Expense $28,500
Cash $28,500
Problem 1: What correcting entry, if any, should you make?
a. Accrued Salaries $4,500
Cash $4,500
b. Salary Expense $4,500
Accrued Salaries $4,500
c. Accrued Salaries $24,000
d. No entry is needed
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